(IDEX Online) - Alrosa has quit the Responsible Jewellery Council (RJC).The move came days after the RJC's own executive director resigned in frustration that the miner - a third owned by the Russian government - had been allowed to remain as a member.Alrosa stood down as vice chair of the London-based watchdog shortly after Russia invaded Ukraine on 24 February, but did not suspend its membe...Read More
(IDEX Online) - Allegations of a $200m rough diamond and foreign exchange scam involving customs officers in Mumbai are being investigated by India's Directorate of Revenue Intelligence (DRI), the Free Press Journal reports.The Mumbai-based newspaper says the DRI stumbled upon corrupt "hawala" transactions - money transfer without money movement - allegedly carried out with the connivance of...Read More
RAPAPORT... Christie's is set to offer 128 Patek Philippe watches from a private collector in three sales across the globe.The assortment, called the Kairos Collection, is the finest group of contemporary timepieces by the designer ever to come to auction, Christie's said last week. The watches were acquired over 35 years.The auction house will feature 30 pieces in the first part of its May 9 Gene...Read More
RAPAPORT... An early 20th-century ruby and diamond ring garnered nearly eight times its high estimate following a bidding war at a recent Fellows auction.The piece, which featured an unheated 2.20-carat Burmese ruby and 0.65 carats of old-cut diamonds, fetched GBP 19,140 ($25,265) at the March 31 jewelry sale, smashing its upper presale estimate of GBP 2,500 ($3,300). The final price is one of the...Read More
RAPAPORT... Two more luxury brands have curtailed their involvement in the Responsible Jewellery Council (RJC) as the fallout from the Russia-Ukraine war continues.Bulgari stepped down from the organization's board last week, parent company LVMH said Monday in an email to Rapaport News. The Italian jeweler - which represents LVMH and its other brands at the RJC - will remain a member of the s...Read More
RAPAPORT... TAG Heuer has launched a timepiece featuring lab-grown diamonds, describing the move as a "major milestone" for the company and the watch industry.The Swiss watchmaker has placed the manmade stones in the case and the crown of the new TAG Heuer Carrera Plasma, which the LVMH brand unveiled at last week's Watches & Wonders fair in Geneva. It uses stones that Israeli producer Lu...Read More
RAPAPORT... Pandora has appointed Irving Holmes Wong as general manager of its greater China division as part of a push to grow its sales in the region."China is the world's largest jewelry market, and Pandora sees significant growth opportunities," the company said Friday. "As part of its [new] strategy, Pandora has set a long-term target to triple the Chinese business versus 2019 and laid out a...Read More
RAPAPORT... Russian miner Alrosa has suspended its membership in the Responsible Jewellery Council (RJC), both organizations said in statements Friday.The development came just over a month after Russia's invasion of Ukraine. The RJC board of directors voted to accept Alrosa's decision, the standards groups added. Alrosa exited the RJC board in early March, but remained a member of the organi...Read More
RAPAPORT... Hong Kong's hard-luxury market saw sales plunge for the first time in more than a year amid a resurgence of Covid-19 and further government restrictions to stem the spread of the virus. Revenue from jewelry, watches, clocks and valuable gifts fell 34% year on year to HKD 2.21 billion ($281.8 million) in February, the municipality's Census and Statistics Department reported Thursday. Re...Read More
(IDEX Online) - The diamond industry in Israel is likely to suffer from sanctions on Russia, says Ha'aretz newspaper even though the country has itself remained neutral on the invasion of Ukraine.Precious stones and metals account for about a third of Israel's total imports from Russia, according to the Israel Export Institute, amounting to $524m in 2021.Israel has not imposed restrictio...Read More
(IDEX Online) - An innovative - and extremely pricey - new TAG Heuer watch exploits technical opportunities offered by lab grown diamonds.The $376,000 Carrera Plasma (pictured) incorporates almost 12 carats, including a 2.5-ct gem grown to the shape of the crown.The dial of the 44mm-diameter watch looks like it's been sprinkled with diamonds but has actually been grown as a single polycrystal...Read More
(IDEX Online) - Prices kept rising overall during March, but there were more price drops among both rounds and fancies than we have seen of late.Rounds Price increases again dominated for most sizes, although there were more drops than in recent months. Among 1.50-cts-4.99-cts most goods K+ and SI3+ saw prices rise. There were price rises in 1.00-cts-1.24-cts among J+ and SI1+, but a sm...Read More
Diamond market sluggish due to US economic caution and China Covid-19 restrictions. Polished price decline fueling uncertainty. Buyers waiting for further decreases. Suppliers willing to negotiate to raise liquidity and reduce inventory of less desirable goods. Rough market restrained amid decline in prices on secondary market. De Beers maintains stable prices at March sight. Split in Responsible...Read More
RAPAPORT... Ukraine President Volodymyr Zelensky criticized the Antwerp diamond industry in an address to the Belgian parliament Thursday, accusing it of prioritizing profit over peace, according to media reports."There are people for whom Russian diamonds sometimes sold in Antwerp are more important [than Ukraine's war effort]," Zelensky said in remarks that the Associated Press cited. "Peop...Read More
(IDEX Online) - Lucapa has increased its forecast of diamond resources at Lulo, Angola, after further explorations.The Australian miner has revised the number of carats up by 11 per cent, from 135,900cts to 151,040cts. That takes into account the 24,595ct mined during 2021.It is also predicting a steep rise in the price per carat, up from $1,440 (31 December 2020) to $1,930 (31 December 2021), exc...Read More
(IDEX Online) - Iris Van der Veken has quit as executive director of the Responsible Jewellery Council (RJC) over its failure to take a tougher stance against Alrosa.The Russian miner voluntarily relinquished its vice-chairmanship of the London-based group following the invasion of Ukraine, but remains a member.Van der Veken (pictured), who has headed the RJC since 2019, is reportedly unhappy that...Read More
(IDEX Online) - Tiffany & Co has filed a forceful court denial over claims by rival Cartier that it had tried to steal its trade secrets."This case presents a truly bizarre circumstance," it says in a preliminary statement to the New York State Supreme Court."Cartier's principal 'evidence' is the affidavit of an ex-employee who confesses she has lied to everyone, including both...Read More
(IDEX Online) - Namibia's state-owned diamond company has named the 36 "special clients" that will buy the bulk of its output for the next three years.Dubai and Belgium both have nine clients, India eight, Israel five, USA three, but only two from Namibia.Namib Desert Diamonds (Namdia) was founded in 2016 following an agreement between the government of Namibia and De Beers to "test"' wh...Read More
RAPAPORT... Chopard has become the latest retailer to boycott diamonds originating from sanctioned Russian companies, citing its policy on responsible sourcing."As part of its 'Journey to Sustainable Luxury,' Chopard continually reviews its supply chains to ensure the procurement of responsibly sourced stones," the jeweler said Thursday in a statement to Rapaport News. "Towards this end, and...Read More
RAPAPORT... The Jewelers Board of Trade (JBT) has named Richline Group's Richard Katz as chairman of its board. Katz, who is senior vice president at Richline, has volunteered on the JBT board since 2008 and was most recently its vice chairman, the organization said Wednesday. He succeeds Ann Arnold, chief strategic officer at Buyers International Group."Richard brings great perspective...Read More